✷ Report Code: A02927 | Pages: 268 | Apr 2022 | 12594 Views | ||
Author(s) : Devashree P , Eswara P | Tables: 155 | Charts: 55 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Bio-polylactic Acid (pla) Films Market
Request Now !The global bio-polylactic acid films market was valued at $354.8 million in 2020 and is projected to reach $1,397.3 million by 2030, growing at a CAGR of 15.0% from 2021 to 2030.
Statement for COVID-19 banner: During COVID-19, due to lockdown, home food delivery and sale of packaged food products increased as people were working from home due to which demand for bio-polylactic acid films increased food packaging industry. The COVID-19 pandemic caused a ban on trade, therefore disrupting the supply chain and hampering the market growth.
Polylactic acid (PLA) is an aliphatic polyester formed by the polymerization of lactic acid. Bio-polylactic acid is a common bio-based plastic produced from bio-based monomers. Bio-PLA films are able to hold twists or, creases, unlike plastic films. The physical properties of polylactic acid make it a suitable alternative for fossil-based plastics in various applications of high-density polyethylene (HDPE), polyethylene terephthalate (PET), polypropylene (PP), and low-density polyethylene (LDPE).
Rise in health and environmental awareness among consumers is the key factor responsible for increased adoption of bio-polylactic acid films. Moreover, the governments of various regions have implemented stringent regulations and policies to increase the popularity of bio-polylactic acid. For instance, North America and Europe have imposed ban as well as charge heavy taxes for using plastic. Likewise, the government of various Asia-Pacific countries, including Japan, India, and China, have banned the distribution and use of plastic products and increased taxation on these non-biodegradable products. Therefore, consumers in the developing and developed regions of Asia-Pacific are increasingly concerned about environmental issues, such as greenhouse gas emissions, depletion of fossil fuels, and fluctuation of oil prices. This has fostered the use of disposable and renewable alternatives, such as bio-polylactic acid film, across various industries including food & beverages, home & personal care, pharmaceuticals, agriculture, and others.
However, higher costs of bio-polylactic acid films than semi-synthetic and synthetic films are projected to hinder the global bio-polylactic acid films market during the forecast period. Furthermore, the usage of bio-based materials has increased in food packaging over fossil-fuel-based plastics owing to their advantages such as biodegradability and sustainability of the final product. The rapid growth in demand for bio-based materials in the food packaging industry is expected to boost the bio-polylactic acid films market over the forecast period.
The bio-polylactic acid films market is classified into technology, end-use, and region. On the basis of technology, the market is segmented into sol-gel, atomic layer deposition, and multilayer. By end-use, the market is segmented into food & beverages, home & personal care, medical & pharmaceuticals, agriculture, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The bio-polylactic acid films market share is analyzed across all significant regions and countries.
The key players operating in the global bio-polylactic acid films market include Amcor plc, Futerro, Hubei HYF Packaging Co., Ltd, Mondi Group, Natureworks LLC, Shandong Top Leader Plastic Packing Co., Ltd, Taghleef Industries Inc., Tejin Limited, TotalEnergiesCorbion, and Xiamen Changsu Industries Co., Ltd.
By technology, multilayer has emerged as the biggest product segment on the global market for bio-polylactic acid films in 2020. Multilayer segment topped the bio-polylactic acid films market in terms of volume and value. Atomic layer deposition segment is expected to be fastest growing segment over the forecast period as it produces high-quality films suitable for various end-use industries. Various manufacturers are launching bio PC films using this technology.
By end-use, food & beverage segment provided the largest share of the revenue in 2020. Bio-polylactic acid films are extensively used in food packaging as it improves the food sustainability and quality. Medical & pharmaceutical segment is expected to show lucrative growth over the forecast period. Bio-polylactic acid films are extensively used in the pharmaceutical industry as the non-carcinogenic and non-toxic effects of polylactic acid on the human body make them suitable for use in biopharmaceutical applications such as clips, drug delivery systems, and sutures.
By region, Europe is a significant contributor to the global demand for bio-polylactic acid films. The Europe region held the largest share of more than 41.0% in the bio-polylactic acid films market in the year 2020. However, Asia Pacific is expected to show a lucrative growth rate as the demand for the product has grown from food packaging and medical applications. In addition, rise in consumer awareness and government support for use of eco-friendly products boost product growth, especially in China and India.
Key Benefits For Stakeholders
COVID-19 Impact on Market
Bio-polylactic Acid (PLA) Films Market Report Highlights
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According to the CXOs of the leading companies, in its business life cycle, the global demand for bio-polylactic acid films is heading into a period of growth stabilization. The factor that drives the global market for bio-polylactic acid films is growth in demand from agriculture and food packaging industry. The use of bio-polylactic acid films has increased in the agricultural industry as it helps to improve soil fertility and assists in soil protection, weed management, and fertilizer retention. In addition, bio-polylactic acid films offer great potential for packaging short shelf-life products, such as yogurt, fruits, and vegetables. It can be used as containers for packaging hot food and beverages by tweaking its heat tolerance properties. Bio-polylactic acid films improve the sustainability of the food products due to which their use has increased in the food packaging industry.
Consumers in the developing and developed regions of Asia-Pacific are increasingly concerned about environmental issues, such as greenhouse gas emissions, depletion of fossil fuels, and fluctuation of oil prices. This has fostered the use of disposable and renewable alternatives, such as bio-polylactic acid film, across various industries including food & beverages, home & personal care, pharmaceuticals, agriculture, and others. Asia-Pacific is expected to show lucrative growth in the bio-polylactic acid films market during the forecast period.
A. Rise in health and environmental awareness among consumers is the key factor responsible for increased adoption of bio-polylactic acid films. Moreover, the governments of various regions have implemented stringent regulations and policies to increase the popularity of bio-polylactic acid
A. The value of bio-polylactic acid (PLA) films market is expected to be $ 1,397.3 million in 2030.
A. Amcor plc, Futerro, Hubei HYF Packaging Co., Ltd, Mondi Group, Natureworks LLC, Shandong Top Leader Plastic Packing Co., Ltd, Taghleef Industries Inc., Tejin Limited
A. Medical & Pharmaceutical industry is projected to increase the demand for the product as it is used in various pharmaceutical applications
A. Technology, End-Use, and Region are the segments which are covered in the report
A. The rapid growth in demand for bio-based materials in the food packaging industry is expected to drive the bio-polylactic acid films market over the forecast period.
A. The rising adoption of bio-polylactic acid films market in food & beverage industry is expected to drive market
A. During COVID-19, the demand for bio-polylactic acid films increased from the food packaging and pharmaceutical industry. Owing to the lockdown, home food delivery increased as well as the sale of packaged food products also grew as people were working from home
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